Flexible Spending Accounts help you pay for everyday expenses on a pre-tax basis. The FSA year is January 1 – December 31 and is a “use it or lose it” account. You have a 60-day grace period after December 31st to submit all claims that occurred during the current flex year. You are allowed a minimum of $50 up to a maximum of $640 carry-over balance into the next flex benefit year. Note that current participants must re-enroll each year in order to continue participating in the flex program.
LIMITED PURPOSE FSA
A pre-tax benefit of up to $3,050 is used to pay for eligible dental and vision care expenses only. Participants enrolled in a High Deductible Health Plan (HDHP) are eligible to enroll in both Limited Purpose FSA and HSA plans at the same time to maximize their savings from the pre-tax contributions.
2024 Limited Purpose FSA Contributions:
If you are NOT enrolled in the Wahpeton HDHP medical plan or are enrolled in your spouse’s or parent’s Traditional Medical Plan, you can set aside pre-tax contributions for medical, dental, and vision expenses not paid by your (or your spouse’s) insurance plans up to $3,200. You may not have both a Medical FSA and HSA being funded at the same time.
2024 Medical FSA Contributions:
DEPENDENT CARE FSA
You can set aside pre-tax contributions for dependent care expenses up to $5,000 per plan year, if filing jointly, or $2,500 if filing single.
2024 Maximum Dependent Care FSA Contributions:
Individual – $2,500
Family – $5,000